USD/ZAR 1H Chart: Broadening Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
On 21st of November USD/ZAR started to recover from recent down-trend and by doing that the pair has formed a broadening rising wedge pattern.
Currently, the Greenback is moving closer to the pattern's resistance line at 11.1950. Meaning that the upper trend-line is likely to be challenged, also the hourly technical indicators are mostly bullish. However, the SWFX traders' do share a different outlook as 54.20% of them have opened a short positions on the pair. If the current pattern is breached to the upside, then the pair's bulls could push the pair towards the 11.40 level, which is around October and November high.
© Dukascopy Bank SA
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